Benefits of vendor management
Benefits of vendor management
1 . Better selection of vendors 2 . Enhanced contract management 3 . Improved performance management 4 . Enriched vendor relationships 5 . Greater value
Source : Zycus
the function will need to conquer the war on talent to ensure that their adaptability and technological advancements to gain a competitive and strategic edge is not in vain .
Similarly , organisations should also pay close attention to their communications . “ We know that vendor relationships directly impact a company ’ s success , and these relationships require collaboration . Paying close attention to your suppliers , in the same way as you do with customers , adds value and complements existing practices and systems ,” explains Macfarlane .
“ Core processes can help with standardisation as they create efficient ways of working and can ensure that healthy relationships are maintained . Long-term vendor relationships can be just like a marriage : they can be difficult to sustain and require a great deal of effort , adaptation and compromise . As such , vendor relationships must be protected by focusing on win-win situations , because if only one party benefits , the relationship will quickly become unbalanced .
“ It ' s critical not to see the introduction of innovation as a cost-cutting exercise , but rather as an opportunity to add value to a long and healthy partnership .”
82 July 2022